EUR/AUD Price Forecast: Consolidated at around 1.6200

• EUR/AUD remains flat, reflecting a lack of direction amid a broader downtrend.
• Key support at 1.6150 holds; a break could lead to further declines towards 1.6100 and potentially 1.6005.
• Upside potential seen if EUR/AUD surpasses the 50-day SMA at 1.6256, targeting resistance up to 1.6370.

The EUR/AUD has posted back-to-back negative days, as political turmoil in France weighed on the shared currency. At the time of writing, the cross-pair trades at 1.6210, virtually unchanged compared to its opening price.

EUR/AUD Price Forecast: Technical outlook

The EUR/AUD hovers at around 1.6200 directionless, even though it has a carver series of lower highs and lower lows, an indication of an ongoing downtrend.

From a momentum standpoint, sellers seem to be gathering steam as depicted by the Relative Strength Index (RSI). However, they have not been able to decisively breach 1.6150, which could pave the way for further EUR/AUD downside.

In that outcome, the EUR/AUD's first support would be the 1.6100 mark. On further weakness, the pair might reach the October 2 low of 1.6005 before testing the yearly low of 1.5966.

Conversely, if EUR/AUD advances past the 50-day Simple Moving Average (SMA) of 1.6256, the pair could challenge the 1.6300 figure, followed by the confluence of the 100 and 200-day SMAs at 1.6370.

EUR/AUD Price Chart – Daily